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Article: NEWSCLIPS.(News)
- Article from:
- Plastics News
- Article date:
- October 5, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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GH offers $5 million for Vectrix assets
MIDDLETOWN, R.I. Vectrix Corp., maker of an all-electric, thermoplastic-bodied scooter, has filed for Chapter 11 bankruptcy protection, but has a deal in hand to sell its assets to a private equity company.
New York-based GH Venture Partners LLC will pay $5.05 million for Vectrix's assets in a deal announced Sept. 28. Vectrix filed for Chapter 11 with in U.S. Bankruptcy Court in Wilmington, Del., the same day. The purchase, if approved by the court, will include payment of both debts and more than $1.7 million in cash.
Vectrix of Middletown introduced its high-end electric scooter two years ago, ...